  We obtain the Baxter Q-operators in the $U_q(\hat{sl}_2)$ invariant
integrable models as a special limits of the quantum transfer matrices
corresponding to different spins in the auxiliary space both from the
functional relations and from the explicit calculations. We derive the Baxter
equation from the well known fusion relations for the transfer matrices. Our
method is valid for an arbitrary integrable model corresponding to the quantum
group $U_q(\hat{sl}_2)$ for example for the XXZ- spin chain.
