I have collected tax on supply of exempted goods and did not remit the tax so collected to the Government account. Would I be liable to penal and other consequences

Yes, in terms of Section 122(1) (iv) of the CGST Act, 2017, collection of tax in
contravention to the provisions of the CGST Act, 2017 and subsequent failure to remit the same to the credit of the Government beyond a period of 3 months from the date on which such payment becomes due is an offence attracting penalty of ` 10,000/- or amount equal to the amount of tax so collected, whichever is higher. Further, in terms of Section 132(1) (d) read with Section 132(1) (I) of the CGST Act, 2017, the said offence attracts imprisonment which may extend from 1year to 5 years based on the quantum of tax evasion.

(ICAI FAQ PUBLICATIONS 06-09-2017 Penalty for certain offences: FAQ NO. 3)