A groove cutting assembly comprising a cutter housing, a cutter assembly with a cutting edge, and the cutter assembly being accommodated by the cutter housing, and a drive mechanism, coupled to the cutter assembly, for indexing the cutter assembly one of radially inward and radially outward relative to the cutter housing upon rotation of the cutter assembly past an indexing member. The drive mechanism comprises a barrel assembly, engaged with the cutter assembly, and a feed member which threadedly engages with the barrel assembly. Rotation of the feed member, in a first rotational direction, indexes the cutter assembly radially outwardly away from the cutter housing, while rotation of the feed member, in an opposite rotational direction, indexes the cutter assembly radially inwardly toward the cutter housing.