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That's definitely good but you can even save more tax by being consultant and increase your in hand salary! I see a lot of people shifting towards consultant roles as it attracts less taxes. Gst is headache but you can always hire a ca to take care of that stuff! Generally I see like people with 30+ lpa salary are shifting towards consultant or registering one man company. They don't get health insurance, pf and other benifits but in hand is good. You can show expenses and claim tax rebate against those.

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Can we ask the company to do so?

Yes. You can definitely say that to company and get your aggreement changed to contract. Couple of people in my company shared the concept with company and they've started giving that option since it gives company additional benefit of not managing pf, hra and other stuff. Only additional step is to register as one man company/individual freelancer with gst portal and get gstn and comply with gst and tax rules. As long as you pay taxes its seemless. They even have a weird clause (which I don't understand completely yet but would like to understand more. Still researching more with ca) if business goes beyond 50lpa then you can get waiver and taxable amount is reduced to half. Many clauses in rules but dedicated ca can help navigate all.

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