I want to change the label of same button in angularjs according to requirement, same button can be for update and submit.
See the following demo,
Above demo is
Change your markup for button to show some scope property:
{{btnText}}
And add some logic to your controller, that will specify text for button:
if (newItem){
$scope.btnText = 'Submit';
}else{
$scope.btnText = 'Update';
}