diff --git a/.github/workflows/bumpdevversion.yml b/.github/workflows/bumpdevversion.yml
index 5f2515a9..88703813 100644
--- a/.github/workflows/bumpdevversion.yml
+++ b/.github/workflows/bumpdevversion.yml
@@ -17,15 +17,29 @@ jobs:
         uses: actions/checkout@v2.3.1
 
       # Get latest GMT sha hash from Github
-      - name: Get git revision number
+      - name: Get latest git revision number, tag version and commit date
         id: git_rev_info
-        run: echo ::set-output name=sha::$(git ls-remote https://github.com/GenericMappingTools/gmt HEAD | cut -f 1)
+        run: |
+          # Get full SHA value (e.g. abcdefghijklmnopqrstuvwxyz12345678901234)
+          echo ::set-output name=full_sha::$(git ls-remote https://github.com/GenericMappingTools/gmt HEAD | cut -f 1)
+          # Get shortened SHA value (e.g abcdefg)
+          echo ::set-output name=short_sha::$(git ls-remote https://github.com/GenericMappingTools/gmt HEAD | cut -c 1-7)
+          # Get tag with highest version number (e.g. 1.2.3)
+          echo ::set-output name=latest_tag::$(git ls-remote -q --sort="-version:refname" --tags --refs https://github.com/GenericMappingTools/gmt | head -n 1 | cut -d / -f 3)
+          # Get date of latest commit
+          # TODO
 
-      # Change Github sha hash
-      - name: Update git revision number
+      # Change development package version
+      - name: Update package version
         uses: mikefarah/yq@3.3.2
         with:
-          cmd: "yq write --inplace recipe/meta.yaml 'source.git_rev' ${{ steps.git_rev_info.outputs.sha }}"
+          cmd: "yq write --inplace recipe/meta.yaml 'package.version' ${{ steps.git_rev_info.outputs.latest_tag }}_${{ steps.git_rev_info.outputs.short_sha }}_20XX.MM.DD"
+
+      # Change development package source's git revision
+      - name: Update package source's git revision
+        uses: mikefarah/yq@3.3.2
+        with:
+          cmd: "yq write --inplace recipe/meta.yaml 'source.git_rev' ${{ steps.git_rev_info.outputs.full_sha }}"
 
       # Take a look at recipe/meta.yaml contents
       - name: Check meta.yaml contents