Hi @Vignesh Subramanian , thank you for posting in the Q&A forum.
You can follow the official document to go through and double check the configuration process: Leverage term store taxonomy when creating an extractor.
Please note that SharePoint Syntex is a new product in Microsoft 365 and all related features are in the status of “In development”.
If you confirm that you have followed all steps properly, it is recommended that you report this issue by clicking on “This page” button in the Feedback section of the document. It might help the project team determine if a fix is needed. (Example here.)
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