I was able to achieve this by following code:
$allterms = get_terms( $taxonomy );
$pterms = get_the_terms( $post->ID, $taxonomy);
$tag_list = implode(',', wp_list_pluck($pterms, 'term_id') );
$t = explode(',', $tag_list);
echo '<div class="tag-cloud">';
foreach ($allterms as $term)
{
if (in_array($term->term_id, $t))
{
echo '<span class="stag active">'.$term->name.'</span>';
}
else
{ echo '<span class="stag inactive">'.$term->name.'</span>'; }
}
echo '</div>';