diff --git a/gradle.properties b/gradle.properties
index 039ff2bf6050..28316337f5eb 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -2,6 +2,6 @@ org.gradle.caching=true
 org.gradle.parallel=true
 org.gradle.jvmargs='-Dfile.encoding=UTF-8'
 org.gradle.workers.max=3
-version=1.2.40-SNAPSHOT
+version=1.2.41
 group=org.ballerinalang
 bootstrappedOn=1.1.0-alpha
diff --git a/gradle/javaLibsProject.gradle b/gradle/javaLibsProject.gradle
index e5bf4a0f2cf8..ab3e0df84f5c 100644
--- a/gradle/javaLibsProject.gradle
+++ b/gradle/javaLibsProject.gradle
@@ -54,7 +54,7 @@ dependencies {
     dist 'org.apache.geronimo.specs:geronimo-activation_1.1_spec:1.1'
     dist 'org.apache.geronimo.specs:geronimo-stax-api_1.0_spec:1.0.1'
     dist 'com.google.code.gson:gson:2.8.9'
-    dist 'com.google.guava:guava:31.0.1-jre'
+    dist 'com.google.guava:guava:32.0.0-jre'
     dist 'com.github.jknack:handlebars:4.3.1'
     dist 'com.sun.mail:javax.mail:1.6.2'
     dist 'jaxen:jaxen:1.1.6'
diff --git a/gradle/javaProject.gradle b/gradle/javaProject.gradle
index 732484c25b8d..8db8bbc7a11a 100644
--- a/gradle/javaProject.gradle
+++ b/gradle/javaProject.gradle
@@ -46,7 +46,7 @@ dependencies {
         implementation 'com.google.protobuf:protobuf-java:3.21.7'
         implementation 'com.google.code.findbugs:jsr305:3.0.2'
         implementation 'com.google.code.gson:gson:2.8.9'
-        implementation 'com.google.guava:guava:31.0.1-jre'
+        implementation 'com.google.guava:guava:32.0.0-jre'
         implementation 'com.moandjiezana.toml:toml4j:0.7.2'
         implementation 'com.sun.mail:javax.mail:1.6.2'
         implementation 'com.squareup.okhttp3:okhttp:3.14.9'
diff --git a/misc/testerina/modules/testerina-core/src/main/ballerina/Ballerina.toml b/misc/testerina/modules/testerina-core/src/main/ballerina/Ballerina.toml
index c7b853d0dc11..3b9cb30e5cdc 100644
--- a/misc/testerina/modules/testerina-core/src/main/ballerina/Ballerina.toml
+++ b/misc/testerina/modules/testerina-core/src/main/ballerina/Ballerina.toml
@@ -8,5 +8,5 @@ target = "java8"
     [[platform.libraries]]
         artifactId = "mock"
         version = "0.0.0"
-        path = "./lib/testerina-core-1.2.39.jar"
+        path = "./lib/testerina-core-1.2.40.jar"
         groupId = "ballerina"
diff --git a/stdlib/websub/src/main/ballerina/Ballerina.toml b/stdlib/websub/src/main/ballerina/Ballerina.toml
index 8ce2f0641da1..a604feb9a904 100644
--- a/stdlib/websub/src/main/ballerina/Ballerina.toml
+++ b/stdlib/websub/src/main/ballerina/Ballerina.toml
@@ -211,6 +211,6 @@ target = "java8"
     [[platform.libraries]]
     artifactId = "guava"
     version = "19.0"
-    path = "./lib/guava-31.0.1-jre.jar"
+    path = "./lib/guava-32.0.0-jre.jar"
     groupId = "com.google.guava"
     modules = ["web-sub"]
diff --git a/tool-plugins/vscode/grammar/ballerina-grammar b/tool-plugins/vscode/grammar/ballerina-grammar
index 7636ea9ad445..0db36d0544a5 160000
--- a/tool-plugins/vscode/grammar/ballerina-grammar
+++ b/tool-plugins/vscode/grammar/ballerina-grammar
@@ -1 +1 @@
-Subproject commit 7636ea9ad445ce62c1a52b1f89ea4ad505f94658
+Subproject commit 0db36d0544a53d13e1f8df021c8bcc793f2499a3