I was able to successfully build the package and deploy it to CDN and Sharepoint, it's working fine for the first release.
If I want to update the typescript code to change my UI/logic and release a next version "gulp --ship" creates a new bundled file under "temp/deploy" if I deploy the new file to Azure CDN changes are not affecting in my Sharepoint page.
The changes are affected only when I update the .sppkg file because the JSON file under "temp/deploy" holds the reference for the new bundled file in the json node "loaderconfig/script resources".
I'm building the multi-tenant application so for small fixes, it's not advisable to ask the client include the app package in their appcatalog.
Can someone suggest the workaround for this?