Way to do away with Fringe Benefit Tax (FBT)

This is a time when most of us are trying to get the tax planning in place, specially the young lot who are in their first year of employment.
One of the options of doing away with the fringe benefit tax is to work full time as an employee but to be shown as consultant in the records. In such a scenario only TDS would be deducted by the employer and rest is all yours.
All expenditures incurred to execute the service to the employer can be shown as business expenses. Finally the net income is taxable (Iam excluding all other exemptions that may be permitted under the Income Tax Act).
Is this ethical? I personally do not endorse this idea.