I have purchased 50gb icloud storage on yesterday evening.hence this not reflected in current iCloud storage

If you do not see the upgrade you can always check how much iCloud storage you're using in Settings on your device, on a Mac, or on iCloud.com

- On your iPhone, iPad, or iPod touch, go to Settings > [your name] > iCloud.

- macOS Ventura: Choose Apple menu > System Settings, click [your name] at the top of the sidebar, then click iCloud on the right.

- macOS 12 or earlier: Choose Apple menu > System Preferences, click Apple ID, then click iCloud.

- On iCloud.com --> https://iCloud.com

ref: Check your iCloud storage on any device - Apple Support

Manage your iCloud storage - Apple Support

If it still won't show, report the issue to Apple --> Choose your country or region - Official Apple Support Select your country, then a product.

or:

Worldwide iTunes support - Choose your country or region - Official Apple Support