I have cloned a gene in pgex-4t1 vector, which is gst tag. My protein is about 20KD. While band appear at about 40KD. I have confirmed the clone by sequencing and double digestion. And also confirmed the protein using the gst antibody.
1) your fusion is shorter than expected (either premature stop codon in the cloned insert (but it's not the case as you have sequenced the full insert) or protein is degraded at C-terminus during expression or extraction)
2) your fusion protein doesn't behave as a 46kD protein on SDS-PAGE for unkown reason (maybe compacted form although SDS treatment or your protein is retaining more negative charges than expected).
It could also be your mw ladder and buffer combination. Some ladders run differently in different types of gel/buffer system. For example check out this page: http://www.taq-dna.com/protein-marker-2c-gel-staining-_112.html. Scroll down and you will see that the same ladder run in Tris-glycine, Bis-tris MOPS and bis-tris MES, yields different molecular weights for each marker. I have had this problem myself once upon a time. I hope this is the problem, because there is none then.
SDS-PAGE is only a relative measure of molecular weight. So other methods, such as MALS and SEC, can also be used if you want a more accurate measurement of your proteins molecular weight.