Can I pay it through gift card?

Depends exactly what you mean by an Apple gift card, as there 2 general types.

iTunes, App Store, Apple Music, and iBooks gift cards can be used to pay for iCloud Storage.

iCloud storage plans and pricing - Apple Support

Accepted payment methods for iCloud storage upgrades include credit cards, debit cards, and iTunes Store credit. If you don't have enough iTunes store credit to complete your upgrade, you'll be charged the remaining amount. Apple Store gift cards aren't accepted as payment for upgrading iCloud storage. Learn how to manage the amount of storage you're using.

Apple Store Gift Cards (i.e those for the hardware stores) cannot be used.

Apple Store gift cards aren't accepted as payment for upgrading iCloud storage.

iCloud storage plans and pricing - Apple Support

If you have a positive balance in your account created by redeemed gift cards, the money should be deducted from that before charging your credit card.