Can I use POST instead of PUT method?
Yes, you can. HTML forms, for example, use POST for all writes.
If POST can do work of PUT method, why PUT method is required?
It didn't use to be. In HTTP/1.0, the specified methods were HEAD, GET, and POST. PUT was relegated to Appendix D: Additional Features.
If I use POST method over PUT method, what will be disadvantages?
PUT is idempotent. POST is not.
A request method is considered "idempotent" if the intended effect on the server of multiple identical requests with that method is the same as the effect for a single such request....
the idempotent property only applies to what has been requested by the user; a server is free to log each request separately, retain a revision control history, or implement other non-idempotent side effects for each idempotent request.
Idempotent methods are distinguished because the request can be repeated automatically if a communication failure occurs before the client is able to read the server's response. For example, if a client sends a PUT request and the underlying connection is closed before any response is received, then the client can establish a new connection and retry the idempotent request. It knows that repeating the request will have the same intended effect, even if the original request succeeded, though the response might differ.
What this means is that for PUT, the client can use at-least-once-delivery of the request; repeatedly sending the same PUT message across an unreliable network until a response is received.
(This guarantee is provided by the server, communicated by the fact that a given resource accepts PUT messages. It's not free, you need to make sure that the server handles the messages correctly.)
Notice that it isn't just the client that is aware of this guarantee, but also all intermediate components (proxies) that can see the request message -- the proxy doesn't need to go back to the browser to ask the user if it is safe to retry the message -- the PUT method says the server is providing the guarantee that it is.